Longtime biotech backer Sofinnova Ventures is putting together a 9th fund, according to a filing, raising $500 million to bankroll innovators in life sciences.
Sofinnova Ventures, the U.S.-based sister company of Europe's Sofinnova Partners, is yet to book any contributions to its latest effort, according to a Form D filed with the SEC on Thursday. The Menlo Park, CA, company declined to comment on the filing.
The new raise follows Sofinnova's $440 million 8th fund, closed in 2011, a reserve the company put toward investments in biotechs including Spark Therapeutics, Ophthotech and Versartis, to pick three. Among Sofinnova's major exits are IPO successes InterMune ($ITMN) and Orexigen ($OREX), plus takeout targets SARcode Bioscience and NextWave Pharmaceuticals.
Sofinnova's filing comes amid an extraordinary week for venture capital in the life sciences, as Versant Ventures revealed Tuesday that it is nearing the finish line with a $300 million new purse and, the day before, Essex Woodlands disclosed that it has raised $221.5 million of a planned $750 million 9th fund of its own.
All three join the slew of biotech VCs amassing or unveiling new funds over the last 12 months, following Arch Venture Partners and its April filing to raise a $250 million 8th fund. In February, the U.K.'s Abingworth closed a $375 million raise, while early-stage backer 5AM Ventures revealed a $250 million second close in December, and VC giant OrbiMed launched a $735 million fund the month prior. VC mainstays Frazier Healthcare, NovaQuest, Third Rock and Atlas also unveiled funds in 2013, totaling more than $1 billion.
- read the filing